Topic | Label | Words 1995 | Words 2019 | Abs Change | % Change |
|---|---|---|---|---|---|
41 | Exp/Imp: Transport & Marine Animals | 62,164 | 419,219 | 357,055 | 574% |
23 | Health: insurance | 67,467 | 398,078 | 330,611 | 490% |
7 | Env: data & studies | 152,173 | 400,818 | 248,645 | 163% |
Topic | Label | Words 1995 | Words 2019 | Abs Change | % Change |
|---|---|---|---|---|---|
18 | Claims | 621,714 | 185,605 | -436,109 | -70% |
37 | Flood insur: naviga | 296,645 | 172,487 | -124,158 | -42% |
79 | Aviation Safety: inspection | 154,147 | 57,095 | -97,052 | -63% |
Agency | Label | Words 1995 | Words 2019 | Abs Change | % Change |
|---|---|---|---|---|---|
securities and exchange commission | SEC | 639,490 | 1,883,208 | 1,243,718 | 194% |
department of health and human services | DHHS | 900,503 | 1,902,242 | 1,001,739 | 111% |
department of commerce | Commerce | 771,123 | 1,343,368 | 572,245 | 74% |
Agency | Label | Words 1995 | Words 2019 | Abs Change | % Change |
|---|---|---|---|---|---|
department of agriculture | USDA | 763,756 | 331,946 | -431,810 | -57% |
department of housing and urban developm | HUD | 447,571 | 125,876 | -321,695 | -72% |
department of energy | DOE | 591,957 | 379,722 | -212,235 | -36% |
name | cor_regul.frag | cor_topic.frag | cor_regul.quant |
|---|---|---|---|
RegIn_Regulations | -0.32 | -0.05 | 0.52 |
RegIn_Responses | -0.37 | -0.03 | 0.47 |
RegIn_Time | -0.34 | -0.01 | 0.44 |
regd_words | -0.19 | -0.06 | 0.30 |
regd_restrictions | -0.29 | -0.07 | 0.25 |
regd_restrictions_share | -0.14 | -0.05 | 0.36 |
| company_FR.frag_norm | agencies_10K.frag_norm |
|---|---|---|
Regulation Dispersion | 0.016 | 0.112*** |
(0.015) | (0.015) | |
Topic Dispersion | 0.090*** | -0.033 |
(0.013) | (0.044) | |
Regulation Complexity | 0.004 | -0.115 |
(0.029) | (0.092) | |
Log(Word,10K) | 0.036*** | 0.189*** |
(0.002) | (0.019) | |
Nsegments | -0.024** | 0.009 |
(0.007) | (0.026) | |
PPE/AT | -0.128** | -0.036 |
(0.030) | (0.025) | |
EBITDA/AT | 0.175** | -0.039 |
(0.055) | (0.041) | |
Log(Sale) | 0.023 | 0.107** |
(0.088) | (0.024) | |
Tobin's Q | -0.037 | -0.007 |
(0.050) | (0.005) | |
Num.Obs. | 2758 | 9688 |
R2 | 0.806 | 0.810 |
R2 Adj. | 0.772 | 0.780 |
Std.Errors | by: FF48 | by: FF48 |
FE: FF48 | X | X |
FE: FF48_year | X | X |
FE: cik | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
Regulation Dispersion | 0.054*** | -0.034* | -0.059*** | -0.107*** | -0.135*** | 0.011* |
(0.014) | (0.018) | (0.016) | (0.022) | (0.026) | (0.006) | |
Topic Dispersion | 0.049** | -0.035* | 0.019 | -0.011 | 0.011 | 0.008 |
(0.019) | (0.018) | (0.015) | (0.019) | (0.022) | (0.011) | |
Regulation Complexity | 0.023 | -0.013 | -0.063*** | -0.102*** | -0.126*** | -0.002 |
(0.020) | (0.023) | (0.020) | (0.029) | (0.026) | (0.014) | |
Nsegments | 0.003 | 0.000 | -0.011** | -0.001 | -0.007 | -0.003 |
(0.004) | (0.005) | (0.004) | (0.005) | (0.006) | (0.003) | |
PPE/AT | 0.069** | -0.253*** | -0.073*** | -0.070** | -0.196*** | 0.073*** |
(0.031) | (0.037) | (0.025) | (0.032) | (0.053) | (0.021) | |
EBITDA/AT | -0.022** | 0.387*** | 0.344*** | -0.013 | 0.043*** | 0.024*** |
(0.010) | (0.026) | (0.032) | (0.029) | (0.015) | (0.007) | |
Log(Sale) | -0.320*** | 0.358*** | 0.309*** | 0.595*** | 0.503*** | -0.036 |
(0.051) | (0.040) | (0.034) | (0.054) | (0.046) | (0.025) | |
Tobin's Q | 0.111*** | 0.209*** | -0.053*** | 0.043*** | -0.050*** | 0.031*** |
(0.008) | (0.020) | (0.009) | (0.010) | (0.012) | (0.006) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.651 | 0.399 | 0.304 | 0.923 |
R2 Adj. | 0.850 | 0.679 | 0.591 | 0.295 | 0.184 | 0.910 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
Regulation Dispersion | 0.035*** | -0.017 | -0.044*** | -0.065* | -0.074** | 0.004 |
(0.012) | (0.019) | (0.013) | (0.032) | (0.034) | (0.007) | |
Topic Dispersion | 0.019 | -0.022 | 0.003 | 0.009 | 0.015 | 0.001 |
(0.012) | (0.022) | (0.010) | (0.022) | (0.019) | (0.010) | |
Regulation Complexity | -0.012 | -0.013 | -0.035** | -0.018 | -0.009 | -0.009 |
(0.015) | (0.027) | (0.014) | (0.037) | (0.031) | (0.015) | |
Nsegments | 0.001 | -0.001 | -0.006** | 0.006 | -0.003 | -0.002 |
(0.002) | (0.004) | (0.003) | (0.006) | (0.007) | (0.002) | |
PPE/AT | 0.070** | -0.268*** | -0.045 | -0.097** | -0.232*** | 0.061** |
(0.033) | (0.065) | (0.039) | (0.044) | (0.054) | (0.027) | |
EBITDA/AT | 0.036* | 0.433*** | 0.280*** | 0.078 | -0.023 | 0.026** |
(0.019) | (0.059) | (0.071) | (0.051) | (0.042) | (0.012) | |
Log(Sale) | -0.110*** | 0.266*** | 0.109** | 0.469*** | 0.391*** | -0.024 |
(0.035) | (0.056) | (0.042) | (0.073) | (0.085) | (0.025) | |
Tobin's Q | 0.063*** | 0.174*** | 0.030** | 0.054** | -0.022 | 0.027** |
(0.008) | (0.029) | (0.014) | (0.026) | (0.024) | (0.011) | |
Num.Obs. | 30267 | 19411 | 30267 | 30267 | 30267 | 30267 |
R2 | 0.928 | 0.740 | 0.516 | 0.449 | 0.352 | 0.950 |
R2 Adj. | 0.914 | 0.684 | 0.423 | 0.344 | 0.228 | 0.940 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
Regulation Dispersion | 0.059*** | -0.020 | -0.078*** | -0.133*** | -0.175*** | 0.018* |
(0.019) | (0.031) | (0.028) | (0.024) | (0.025) | (0.010) | |
Topic Dispersion | 0.049** | -0.045 | 0.053* | -0.056 | 0.001 | 0.011 |
(0.024) | (0.030) | (0.031) | (0.042) | (0.039) | (0.021) | |
Regulation Complexity | 0.085*** | -0.038 | -0.102*** | -0.199*** | -0.221*** | 0.000 |
(0.029) | (0.040) | (0.036) | (0.063) | (0.041) | (0.023) | |
Nsegments | 0.007 | 0.004 | -0.016* | -0.022** | -0.019* | 0.000 |
(0.009) | (0.012) | (0.008) | (0.009) | (0.011) | (0.010) | |
PPE/AT | 0.043 | -0.243*** | -0.091*** | -0.074** | -0.184*** | 0.073** |
(0.039) | (0.031) | (0.028) | (0.031) | (0.053) | (0.027) | |
EBITDA/AT | -0.026** | 0.347*** | 0.313*** | -0.066* | 0.038** | 0.018** |
(0.010) | (0.030) | (0.028) | (0.036) | (0.016) | (0.007) | |
Log(Sale) | -0.413*** | 0.326*** | 0.538*** | 0.952*** | 0.675*** | -0.016 |
(0.054) | (0.049) | (0.054) | (0.101) | (0.095) | (0.027) | |
Tobin's Q | 0.119*** | 0.254*** | -0.072*** | 0.030* | -0.062*** | 0.032*** |
(0.013) | (0.027) | (0.014) | (0.015) | (0.015) | (0.006) | |
Num.Obs. | 30267 | 19511 | 30267 | 30267 | 30267 | 30267 |
R2 | 0.843 | 0.702 | 0.671 | 0.440 | 0.359 | 0.922 |
R2 Adj. | 0.800 | 0.609 | 0.581 | 0.287 | 0.184 | 0.901 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
To maintain consistency with Kalmenovitz (2023) this table was estimated separately in Stata.
| (1) | (2) | (3) | (4) |
|---|---|---|---|---|
lag1_notice | 0.248*** | 0.138*** | 0.113*** | |
(0.046) | (0.031) | (0.016) | ||
lag2_notice | 0.161*** | 0.085*** | 0.102*** | |
(0.028) | (0.023) | (0.017) | ||
lead1_notice | 0.234*** | 0.144*** | 0.122*** | |
(0.050) | (0.032) | (0.016) | ||
lead2_notice | 0.201*** | 0.138*** | 0.142*** | |
(0.025) | (0.018) | (0.016) | ||
Num.Obs. | 203800 | 203800 | 203800 | 203800 |
R2 | 0.830 | 0.832 | 0.835 | 0.898 |
R2 Adj. | 0.830 | 0.832 | 0.835 | 0.895 |
Std.Errors | by: agency | by: agency | by: agency | by: agency |
FE: agency | X | X | X | X |
FE: year | X | X | X | |
FE: TopicNumber | X | X | X | |
FE: agencyNtime | X | |||
FE: timeNtopic | X | |||
FE: agencyNtopic | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
Regulation Dispersion | 0.050*** | -0.053*** | -0.017 | -0.111*** | -0.107*** | 0.011* |
(0.012) | (0.020) | (0.011) | (0.029) | (0.027) | (0.007) | |
Topic Dispersion | 0.029* | -0.055*** | -0.017* | 0.006 | 0.053* | -0.005 |
(0.015) | (0.018) | (0.010) | (0.021) | (0.031) | (0.011) | |
Regulation Complexity | 0.034 | -0.025 | 0.013 | -0.123*** | -0.081** | 0.014 |
(0.024) | (0.025) | (0.014) | (0.033) | (0.035) | (0.018) | |
Log(Word,10K) | -0.021* | -0.011 | -0.052*** | 0.025** | -0.033* | -0.020* |
(0.011) | (0.011) | (0.013) | (0.011) | (0.016) | (0.010) | |
Nsegments | 0.000 | -0.004 | 0.002 | 0.007 | 0.006 | -0.005* |
(0.003) | (0.004) | (0.004) | (0.006) | (0.006) | (0.003) | |
PPE/AT | 0.189*** | -0.271*** | -0.208*** | -0.148*** | -0.455*** | 0.133*** |
(0.049) | (0.053) | (0.024) | (0.052) | (0.069) | (0.028) | |
EBITDA/AT | -0.245*** | 0.956*** | 0.917*** | 0.227*** | 0.305*** | -0.004 |
(0.034) | (0.062) | (0.019) | (0.036) | (0.023) | (0.006) | |
Log(Sale) | -0.070* | 0.487*** | -0.139*** | 0.522*** | -0.092** | -0.014 |
(0.037) | (0.047) | (0.027) | (0.049) | (0.042) | (0.022) | |
Tobin's Q | 0.140*** | -0.004 | -0.045*** | 0.073*** | -0.022** | 0.035*** |
(0.010) | (0.019) | (0.010) | (0.012) | (0.009) | (0.005) | |
Num.Obs. | 60305 | 39559 | 60534 | 60534 | 60534 | 60380 |
R2 | 0.893 | 0.811 | 0.829 | 0.373 | 0.301 | 0.925 |
R2 Adj. | 0.875 | 0.775 | 0.800 | 0.265 | 0.180 | 0.912 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
Regulation Dispersion | 0.021* | -0.018 | -0.004** | 0.004 | -0.024 | -0.008 |
(0.011) | (0.016) | (0.002) | (0.012) | (0.027) | (0.010) | |
Topic Dispersion | 0.033** | -0.044** | 0.032 | -0.003 | -0.012 | 0.007 |
(0.016) | (0.021) | (0.036) | (0.010) | (0.013) | (0.010) | |
Regulation Complexity | -0.006 | 0.015 | -0.002 | 0.015 | -0.003 | 0.018 |
(0.019) | (0.023) | (0.010) | (0.011) | (0.004) | (0.020) | |
Log(Word,10K) | -0.012 | -0.021 | -0.006 | -0.005 | -0.007 | -0.025 |
(0.011) | (0.015) | (0.007) | (0.005) | (0.008) | (0.019) | |
Nsegments | -0.001 | -0.002 | 0.003 | 0.000 | -0.005 | 0.003 |
(0.003) | (0.006) | (0.002) | (0.001) | (0.006) | (0.005) | |
PPE/AT | -0.001 | -0.156*** | 0.010 | -0.020 | 0.001 | 0.029* |
(0.018) | (0.024) | (0.006) | (0.016) | (0.001) | (0.016) | |
EBITDA/AT | 0.069*** | 0.150*** | 0.016** | 0.003 | -0.002 | 0.022** |
(0.021) | (0.023) | (0.006) | (0.007) | (0.003) | (0.011) | |
Log(Sale) | -0.325*** | 0.196*** | 0.024 | 0.021* | 0.001 | 0.001 |
(0.056) | (0.039) | (0.028) | (0.011) | (0.001) | (0.028) | |
Tobin's Q | 0.080*** | 0.231*** | -0.005 | -0.003 | 0.000 | 0.011*** |
(0.009) | (0.023) | (0.007) | (0.002) | (0.001) | (0.004) | |
Num.Obs. | 59804 | 35283 | 60233 | 57237 | 57372 | 59774 |
R2 | 0.807 | 0.706 | 0.480 | 0.309 | 0.355 | 0.800 |
R2 Adj. | 0.773 | 0.650 | 0.390 | 0.191 | 0.244 | 0.765 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
Regulation Dispersion | 0.008 | -0.010 | 0.002 | 0.004 | -0.007 | -0.006 |
(0.011) | (0.015) | (0.004) | (0.005) | (0.008) | (0.007) | |
Topic Dispersion | 0.028* | -0.019 | 0.033 | -0.001 | -0.004 | -0.006 |
(0.016) | (0.020) | (0.035) | (0.005) | (0.005) | (0.010) | |
Regulation Complexity | -0.034 | 0.046 | 0.004 | 0.014 | -0.009 | 0.020 |
(0.021) | (0.032) | (0.011) | (0.011) | (0.010) | (0.020) | |
Log(Word,10K) | -0.007 | -0.024 | -0.004 | -0.002 | 0.004 | -0.027 |
(0.012) | (0.017) | (0.008) | (0.005) | (0.004) | (0.019) | |
Nsegments | -0.001 | 0.004 | 0.004 | 0.000 | 0.008 | 0.004 |
(0.003) | (0.004) | (0.004) | (0.001) | (0.009) | (0.004) | |
PPE/AT | -0.016 | -0.082*** | 0.011 | 0.010 | -0.001 | 0.014 |
(0.019) | (0.017) | (0.008) | (0.011) | (0.002) | (0.010) | |
EBITDA/AT | 0.084*** | 0.086*** | 0.008 | -0.005 | 0.005 | 0.016** |
(0.023) | (0.012) | (0.009) | (0.004) | (0.005) | (0.007) | |
Log(Sale) | -0.310*** | 0.022 | -0.001 | 0.026* | -0.009 | 0.001 |
(0.057) | (0.044) | (0.045) | (0.014) | (0.010) | (0.024) | |
Tobin's Q | 0.051*** | 0.144*** | -0.002 | 0.012 | 0.001 | 0.009*** |
(0.006) | (0.009) | (0.006) | (0.013) | (0.001) | (0.003) | |
Num.Obs. | 56412 | 31651 | 57171 | 54206 | 54376 | 56461 |
R2 | 0.799 | 0.693 | 0.445 | 0.531 | 0.517 | 0.736 |
R2 Adj. | 0.764 | 0.634 | 0.350 | 0.451 | 0.434 | 0.690 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_rolling10_norm | 0.045*** | -0.028 | -0.065*** | -0.049** | -0.084*** | 0.003 |
(0.013) | (0.020) | (0.013) | (0.022) | (0.028) | (0.008) | |
Num.Obs. | 42241 | 26550 | 42241 | 42241 | 42241 | 42241 |
R2 | 0.893 | 0.766 | 0.683 | 0.409 | 0.303 | 0.943 |
R2 Adj. | 0.874 | 0.720 | 0.627 | 0.305 | 0.181 | 0.933 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| SGA|ind | SGA|seg | SGA|size | TFP|ind | TFP|seg | TFP|size | Grwoth|ind | Growth|seg | Growth|size |
|---|---|---|---|---|---|---|---|---|---|
regul.disp_norm | 0.042*** | 0.043*** | 0.047*** | -0.036** | -0.035** | -0.034** | -0.099*** | -0.099*** | -0.110*** |
(0.015) | (0.016) | (0.015) | (0.016) | (0.016) | (0.017) | (0.017) | (0.017) | (0.017) | |
index | 0.011 | 0.007 | 0.045*** | -0.002 | -0.007 | 0.084*** | 0.000 | 0.010 | 0.079*** |
(0.007) | (0.006) | (0.007) | (0.011) | (0.012) | (0.013) | (0.012) | (0.018) | (0.014) | |
regul.disp_norm × index | 0.007 | 0.005 | -0.009 | 0.001 | -0.004 | 0.001 | 0.006 | 0.011 | 0.046** |
(0.007) | (0.013) | (0.007) | (0.017) | (0.012) | (0.010) | (0.018) | (0.025) | (0.022) | |
Num.Obs. | 60534 | 60534 | 60534 | 38922 | 38922 | 38922 | 60534 | 60534 | 60534 |
R2 | 0.867 | 0.867 | 0.868 | 0.719 | 0.719 | 0.720 | 0.363 | 0.363 | 0.364 |
R2 Adj. | 0.848 | 0.848 | 0.848 | 0.676 | 0.676 | 0.678 | 0.270 | 0.270 | 0.271 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X | X | X | X |
FE: year | X | X | X | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
Regulation Dispersion | 0.078** | -0.003 | -0.045*** | -0.025** | -0.014 | 0.069* |
(0.031) | (0.017) | (0.009) | (0.010) | (0.010) | (0.036) | |
Topic Dispersion | 0.453*** | -0.088*** | -0.099*** | 0.040*** | 0.029** | 0.186*** |
(0.031) | (0.032) | (0.012) | (0.015) | (0.013) | (0.030) | |
Regulation Complexity | 0.042 | -0.057*** | 0.042*** | -0.100*** | -0.075*** | 0.031 |
(0.030) | (0.010) | (0.010) | (0.010) | (0.007) | (0.021) | |
Log(Word,10K) | -0.041 | 0.030* | -0.103*** | 0.068*** | 0.045*** | -0.165*** |
(0.042) | (0.016) | (0.014) | (0.015) | (0.012) | (0.047) | |
Nsegments | -0.047* | -0.020** | 0.006** | -0.024*** | -0.027*** | -0.022 |
(0.024) | (0.009) | (0.003) | (0.005) | (0.005) | (0.021) | |
PPE/AT | -0.210*** | -0.096 | -0.054*** | 0.019 | -0.028 | 0.086 |
(0.042) | (0.058) | (0.010) | (0.031) | (0.032) | (0.121) | |
EBITDA/AT | -0.169*** | 0.597*** | 0.639*** | -0.067*** | 0.034** | 0.095*** |
(0.026) | (0.042) | (0.027) | (0.023) | (0.013) | (0.026) | |
Log(Sale) | -0.096* | 0.350*** | 0.084*** | -0.019 | 0.007 | -0.018 |
(0.052) | (0.029) | (0.019) | (0.013) | (0.013) | (0.032) | |
Tobin's Q | 0.200*** | 0.171*** | -0.082*** | 0.081*** | 0.021** | -0.025 |
(0.021) | (0.024) | (0.015) | (0.012) | (0.010) | (0.016) | |
(Intercept) | 0.000 | -0.200*** | 0.000 | 0.000 | 0.000 | 0.000 |
(0.077) | (0.027) | (0.014) | (0.020) | (0.017) | (0.085) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.324 | 0.362 | 0.475 | 0.028 | 0.008 | 0.104 |
R2 Adj. | 0.324 | 0.362 | 0.475 | 0.027 | 0.008 | 0.104 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
Regulation Dispersion | 0.045*** | -0.045** | -0.052*** | -0.098*** | -0.126*** | 0.011* |
(0.012) | (0.019) | (0.017) | (0.020) | (0.024) | (0.006) | |
Topic Dispersion | 0.048** | -0.062** | 0.016 | -0.010 | 0.009 | 0.010 |
(0.022) | (0.026) | (0.014) | (0.018) | (0.017) | (0.011) | |
Regulation Complexity | 0.016 | -0.040 | -0.064*** | -0.100*** | -0.121*** | -0.004 |
(0.018) | (0.031) | (0.021) | (0.028) | (0.024) | (0.014) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.861 | 0.675 | 0.608 | 0.385 | 0.288 | 0.922 |
R2 Adj. | 0.837 | 0.614 | 0.541 | 0.279 | 0.166 | 0.909 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
This table was produced in Stata
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_item7_norm | 0.039*** | -0.021** | -0.044*** | -0.006 | -0.047*** | 0.018** |
(0.010) | (0.010) | (0.009) | (0.011) | (0.013) | (0.008) | |
Num.Obs. | 57275 | 36934 | 57275 | 57275 | 57275 | 57275 |
R2 | 0.873 | 0.732 | 0.655 | 0.403 | 0.310 | 0.923 |
R2 Adj. | 0.850 | 0.679 | 0.593 | 0.296 | 0.186 | 0.909 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_main_norm | 0.015*** | 0.002 | -0.032*** | -0.035*** | -0.047*** | 0.000 |
(0.004) | (0.007) | (0.003) | (0.006) | (0.008) | (0.004) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.653 | 0.399 | 0.304 | 0.923 |
R2 Adj. | 0.850 | 0.679 | 0.593 | 0.295 | 0.184 | 0.910 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_no3_norm | 0.030** | -0.036** | 0.004 | -0.070*** | -0.083*** | 0.011 |
(0.012) | (0.017) | (0.016) | (0.021) | (0.025) | (0.006) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.653 | 0.399 | 0.305 | 0.923 |
R2 Adj. | 0.850 | 0.679 | 0.594 | 0.296 | 0.185 | 0.910 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
Regulation Dispersion | 0.069** | -0.034 | -0.122*** | -0.128** | -0.160** | 0.023 |
(0.026) | (0.043) | (0.044) | (0.050) | (0.063) | (0.015) | |
Topic Dispersion | 0.046 | -0.045 | -0.006 | -0.083 | 0.010 | 0.010 |
(0.031) | (0.064) | (0.040) | (0.061) | (0.047) | (0.020) | |
Regulation Complexity | 0.074 | -0.004 | -0.103 | -0.232*** | -0.296*** | -0.009 |
(0.050) | (0.072) | (0.070) | (0.064) | (0.101) | (0.025) | |
Log(Word,10K) | -0.011 | -0.032 | -0.225*** | -0.007 | 0.072 | -0.012 |
(0.027) | (0.039) | (0.067) | (0.054) | (0.044) | (0.011) | |
Nsegments | 0.000 | -0.006 | -0.024* | -0.041** | -0.051* | -0.013* |
(0.006) | (0.014) | (0.014) | (0.019) | (0.026) | (0.007) | |
PPE/AT | 0.055 | -0.252*** | -0.175** | -0.052 | -0.270** | 0.050 |
(0.037) | (0.062) | (0.081) | (0.056) | (0.118) | (0.033) | |
EBITDA/AT | 0.050*** | 0.277*** | 0.146*** | -0.103*** | -0.037 | 0.025*** |
(0.017) | (0.035) | (0.028) | (0.035) | (0.028) | (0.008) | |
Log(Sale) | -0.396*** | 0.397*** | 0.591*** | 1.323*** | 1.135*** | 0.007 |
(0.086) | (0.090) | (0.075) | (0.150) | (0.175) | (0.042) | |
Tobin's Q | 0.104*** | 0.205*** | -0.088*** | -0.005 | -0.130*** | 0.028*** |
(0.010) | (0.026) | (0.019) | (0.034) | (0.023) | (0.006) | |
Num.Obs. | 20893 | 12597 | 20893 | 20893 | 20893 | 20893 |
R2 | 0.908 | 0.794 | 0.724 | 0.534 | 0.462 | 0.954 |
R2 Adj. | 0.866 | 0.685 | 0.600 | 0.325 | 0.220 | 0.933 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
Regulation Dispersion | 0.065*** | -0.023 | -0.058*** | -0.097*** | -0.146*** | 0.019* |
(0.022) | (0.025) | (0.019) | (0.035) | (0.041) | (0.010) | |
Topic Dispersion | 0.029* | -0.083*** | -0.018 | -0.012 | 0.029 | 0.000 |
(0.016) | (0.029) | (0.027) | (0.021) | (0.034) | (0.007) | |
Regulation Complexity | 0.028 | -0.018 | 0.030 | -0.134** | -0.179*** | 0.016 |
(0.034) | (0.031) | (0.032) | (0.059) | (0.057) | (0.014) | |
Log(Word,10K) | -0.003 | -0.052*** | -0.143** | 0.052* | 0.073** | -0.011 |
(0.014) | (0.018) | (0.056) | (0.028) | (0.027) | (0.009) | |
Nsegments | 0.000 | 0.000 | -0.012 | -0.007 | -0.005 | -0.006 |
(0.006) | (0.007) | (0.007) | (0.007) | (0.007) | (0.003) | |
PPE/AT | 0.082 | -0.277*** | -0.079 | -0.043 | -0.230** | 0.059** |
(0.056) | (0.060) | (0.048) | (0.065) | (0.087) | (0.022) | |
EBITDA/AT | -0.010 | 0.381*** | 0.290*** | -0.024 | 0.033 | 0.016** |
(0.010) | (0.036) | (0.040) | (0.034) | (0.020) | (0.007) | |
Log(Sale) | -0.353*** | 0.423*** | 0.413*** | 0.703*** | 0.509*** | -0.022 |
(0.072) | (0.072) | (0.060) | (0.089) | (0.061) | (0.015) | |
Tobin's Q | 0.104*** | 0.210*** | -0.044*** | 0.044*** | -0.064*** | 0.023*** |
(0.009) | (0.021) | (0.011) | (0.013) | (0.016) | (0.004) | |
Num.Obs. | 30765 | 18644 | 30765 | 30765 | 30765 | 30765 |
R2 | 0.886 | 0.766 | 0.684 | 0.487 | 0.383 | 0.941 |
R2 Adj. | 0.852 | 0.685 | 0.591 | 0.336 | 0.203 | 0.924 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_57_norm | 0.048*** | -0.027 | -0.039** | -0.093*** | -0.096*** | 0.023** |
(0.013) | (0.019) | (0.018) | (0.025) | (0.024) | (0.009) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.653 | 0.399 | 0.304 | 0.923 |
R2 Adj. | 0.850 | 0.679 | 0.593 | 0.295 | 0.184 | 0.910 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_70_norm | 0.059*** | -0.030* | -0.049*** | -0.117*** | -0.148*** | 0.022*** |
(0.013) | (0.015) | (0.014) | (0.021) | (0.024) | (0.008) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.653 | 0.399 | 0.305 | 0.923 |
R2 Adj. | 0.850 | 0.679 | 0.593 | 0.296 | 0.185 | 0.910 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_200_norm | 0.053*** | -0.014 | -0.084*** | -0.048** | -0.046** | 0.015** |
(0.011) | (0.016) | (0.013) | (0.018) | (0.020) | (0.007) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.654 | 0.398 | 0.303 | 0.923 |
R2 Adj. | 0.850 | 0.679 | 0.594 | 0.295 | 0.183 | 0.910 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_300_norm | 0.044*** | -0.013 | -0.082*** | -0.038** | -0.059*** | -0.004 |
(0.010) | (0.013) | (0.016) | (0.015) | (0.017) | (0.009) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.653 | 0.398 | 0.304 | 0.923 |
R2 Adj. | 0.850 | 0.678 | 0.593 | 0.295 | 0.184 | 0.910 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |
| sga | tfp | roa | growth | growth_at | emp |
|---|---|---|---|---|---|---|
regul.disp_1000_norm | 0.032*** | -0.002 | -0.060*** | -0.024* | -0.017 | -0.001 |
(0.009) | (0.009) | (0.013) | (0.013) | (0.014) | (0.006) | |
Num.Obs. | 60534 | 38922 | 60534 | 60534 | 60534 | 60534 |
R2 | 0.872 | 0.730 | 0.653 | 0.398 | 0.303 | 0.923 |
R2 Adj. | 0.850 | 0.679 | 0.594 | 0.294 | 0.183 | 0.910 |
Std.Errors | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 | by: FF48 |
FE: FF48 | X | X | X | X | X | X |
FE: FF48_year | X | X | X | X | X | X |
FE: cik | X | X | X | X | X | X |